14/07/2014 06:52 AST
MSM 30 index ended on a flat note at 7190.24 points. MSM Sharia Index closed at 1069.32 points, marginally down by 0.02 per cent. Gulf Investment Services was the most active in terms of volume while Omantel was the most active in terms of turnover. Port Services was the top gainer of the day with 5.13 per cent gain while Oman & Emirates was the top loser and closed down by 1.27 per cent.
A total number of 1108 trades were executed in yesterday's trading session generating turnover of OMR5.92 million with over 14.77 million shares traded. Out of 42 traded stocks, 12 advanced, 10 declined and 20 were unchanged.
At the session close, Omani investors switched to net buyers for OMR69,000 followed by foreign investors for OMR4,000 while GCC & Arab investors were net sellers for OMR73,000 worth of shares.
Financial Sector Index remain unchanged at 8830.68 points. Oman United Insurance, ONIC Holding, Al Madina Takaful and Bank Dhofar increased by 4.08 per cent, 3.97 per cent, 2.46 per cent and 1.03 per cent respectively. Oman & Emirates, Bank Nizwa, National Bank of Oman and Al Izz Bank declined by 1.27 per cent, 1.18 per cent, 1.12 per cent and 1.00 per cent respectively.
The Industrial Sector Index was marginally up by 0.02 per cent at 10092.89 points. Oman Fisheries, Dhofar Cattlefeed, Galfar Engineering and Raysut Cement increased by 1.06 per cent, 0.47 per cent, 0.38 per cent and 0.24 per cent respectively. Al Anwar Ceramic and Voltamp Energy declined by 0.70 per cent and 0.50 per cent respectively.
Services Sector Index was up by 0.29 per cent at 3673.09 points. Port Services, Sohar Power, Renaissance Services and OIFC increased by 5.13 per cent, 3.32 per cent, 0.65 per cent and 0.39 per cent respectively. Omantel and Sembcorp Salalah declined by 0.87 per cent and 0.23 per cent respectively.
Dubai stocks climb
Shares in Dubai rose on bets real estate companies will post strong second-quarter profits as Dubai's economy expands. Abu Dhabi's main index also gained.
The DFM General Index climbed 0.7 per cent to 4,604.93 at 11:56am in the emirate, heading for the highest close since June 15. Arabtec Holding, the United Arab Emirates' biggest listed builder, rallied 1.2 per cent. Deyaar Development added 0.9 per cent. Abu Dhabi's ADX General Index added 0.3 per cent to 4,860.81.
Dubai-based property and construction companies are benefiting from a real estate-led economic recovery in the emirate. Emaar Properties, the company with the biggest weighting on Dubai's index, may report a second-quarter net income of Dh936 million at the end of the month, according to the estimate of two analysts surveyed by Bloomberg, an increase of 39 per cent on the same period in 2013. Emaar's shares advanced 0.4 per cent to Dh9.68.
Economic growth
Dubai's economy may grow 4.7 per cent this year, Mohamed Lahouel, chief economist for the Dubai Department of Economic Development, said in March.
The emirates' gross domestic product expanded 4.6 per cent last year, government data show. Property and construction companies are the main beneficiaries of about $8 billion of infrastructure spending planned as Dubai prepares to host World Expo 2020.
Oman Daily Observer
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